The Trusts Registration Service (TRS)
The Trusts Registration Service (TRS) is a new HMRC service that will provide a single online route for trusts and complex estates, to comply with their registration obligations and to obtain their Self-Assessment Unique Taxpayer Reference (UTR) number.
The TRS online service replaces the 41G (Trust) paper form, which was withdrawn at the end of April 2017 and is the only way to obtain the Self-Assessment Unique Taxpayer Reference.
Trusts that are required to register with HMRC are now required to do so through the TRS. Even those trusts that have an existing UTR will be obliged to register under the TRS by 31 January 2018.
For trusts with tax liabilities for 2016/17, but which are not already registered with HMRC under self-assessment, the current deadline for registration is 5 January 2018.
The level of detail required to register a trust in onerous. Amongst other things, the TRS requires details of the trust’s assets, trustees, beneficiaries and settlors.
If you are a lead trustee, you may have a responsibility to register a trust with TRS. Failure to do so could result in penalties.
At Haines Watts East Anglia we can guide you through the registration process or register a trust on your behalf.
If you are interested in Estate Planning or Probate services offered at Haines Watts please visit our website here.
For further information, please contact Simonetta Castellano at firstname.lastname@example.org or call us on 01379 640555.
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